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Banco Solidario

Banco Solidario is an Ecuadorian institution committed to reducing poverty and improving the living conditions of the less favored segments of the population by meeting their needs for high quality, innovative financial services.

Key Indicators as of September 2014

Active Borrowers: 390,996

Average Loan: $1,504

Amount Loaned: $563,616,000

Active Savers: 87,741

Active Portfolio: $588,065,000

Saving Balance: $437,854,000

Statistics are based on unaudited reports submitted by the institution. All currency listed in U.S. Dollars.

Background

Banco Solidario was initially established in Quito, Ecuador in 1995 as Estrategia Financiera S.A. After merging with Sociedad Financiera Finambato S.A. a year later, it became Banco Solidario S.A. Banco Solidario is the first social mission-bearing financial initiative in Latin America born out of 100 percent private capital.

In addition to Accion’s participation in Banco Solidario’s governance, Accion and Banco Solidario have worked together on the development of new products, such as home improvement loans, lines of credit, savings, rural credit, audit methodology, risk management, credit scoring and client service, among others. All projects support Banco Solidario’s efficient expansion and success to date in the face of the growing competition.